On July 16, SMIC (688981.SH), a science and technology board company, ushered in a huge lifting of the ban. The number of shares lifted this time was 775 million shares, accounting for 9.81% of the company’s total share capital as of June 30, 2021. . According to the closing price on July 16 (55.17 yuan / share), the market value of the lifting of the ban is as high as 42.757 billion yuan.
Image Credit: Company Announcement
Capital State noticed that SMIC’s lifting of the ban this time is the company’s initial public offering of strategic allotment restricted shares, and these shares come from a total of 27 shareholders including the National Fund.
Judging from the closing price on July 15, SMIC’s share price has increased by 100.91% compared with the issue price, and the 27 shareholders participating in the initial strategic placement have a total floating profit of over 20 billion, or about 21.475 billion yuan.
Image Credit: Company Announcement
This week, it can be said that the pressure of lifting the ban has risen sharply. A total of 8 companies have lifted the ban. The lifted companies include Yunyong Technology, Guodun Electronics, Ouhaobo, Hengyu Environmental Protection, Junshi Bio-U, Eft-U, Huichen Information, SMIC.
Image source: Guosheng Securities Research Report on July 10
So what is the impact of the centralized lifting of the ban on the Science and Technology Innovation Board?
Guosheng Securities analysis believes that in July and August this year, the Science and Technology Innovation Board will welcome the centralized lifting of the ban, and the monthly average level is roughly the same as that in July of the same period last year.
However, it should be noted that this round of centralized lifting of the ban is different from last year’s:
1) Although this round of lifting of the ban is larger in scale and has a longer window, the pressure is not necessarily greater. Compared with last year, this round of centralized lifting of the ban has both the superposition of the lifting window and the promotion of IPO expansion. The increase in the overall scale does not necessarily correspond to the increase in the overall pressure on the Science and Technology Innovation Board.
2) The distribution of the lifting of the ban in this round is relatively balanced, and the impact of the lifting of the ban is expected to be relatively flat. In July last year, it was mainly concentrated on July 22, and this round of lifting of the ban was relatively scattered, and the largest single-day lifting of the ban was less than 50 billion yuan. Therefore, it is expected that the impact of the lifting of the ban may be “diluted”.
3) The lifting of the ban in the same period last year was more concentrated on the constituent stocks of the index, while this round of lifting of the ban is more inclined to the periphery of the index. In July last year, almost all the lifting pressure was concentrated on the index constituent stocks, while the lifting pressure of science and technology innovation in July and August this year obviously began to tilt towards non-index constituent stocks, so it is expected that the lifting pressure on the index this round will also be weaker than that in the same period last year. .
Referring to the previous experience of lifting the ban, the impact of the lifting of the ban on science and technology is more reflected in short-term emotional disturbance, while the impact of the lifting of the ban and the actual reduction of holdings is relatively passive. Based on the current situation, the capital side has changed from incremental entry to the stock market, and the valuation drive has also returned from the denominator to the numerator. High performance growth is the key to the Nuggets’ technological innovation. As the mid-term report window approaches, mining high-growth and selective structures is still the focus of the moment. If the lifting of the ban causes a short-term impact, it will be a staged bottom opportunity for the layout of scientific and technological innovation.
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